Mayweather vs. McGregor – is it about the FIGHT or is it about the TAXES? Or the Passport?

August 2017

Much has been published concerning Floyd Mayweather’s Federal Tax Liens in the amount of $22.2 Million and an unpaid 2010 IRS debt of $7.2 Million. The Jasminebrand.com released on 7/21/17 that a $3.3 million federal lien has been released by

  • JD Supra

Will Optional GIIN Reporting on Form 8938 continue to be Optional? Or is it the beginning of a new IRS Cross-Reference?

August 2017

IRS Form 8938 (a FATCA created form) is the Statement of Specified Foreign Financial Assets in which Taxpayers are required to report their specified foreign financial assets when their value meets the obligatory reporting threshold. It has been a required

  • Wealth Strategies Journal

Here is what you need to know about a Domestic Voluntary Disclosure (DVD)

July 2017

DVD can be an option for a Taxpayer without foreign financial accounts or foreign financial issues.   It is a choice for Taxpayers that are out of domestic compliance, want to come into compliance and inoculate as much as possible against

  • JD Supra

Did you know that Form 8938 filing obligations apply to Specified Domestic Entities?

July 2017

A US Person that owns US entities like corporations or partnerships that conduct cross-border business may have a Form 8938 (Statement of Specified Foreign Financial Assets) filing obligation.  IRS defines Specified Individuals as: https://www.jdsupra.com/legalnews/did-you-know-that-form-8938-filing-98759/  

  • JD Supra

Law Enforcement can Follow the Money thanks to the Fifth Pillar of the Final CDD Rule

July 2017

Law Enforcement can Follow the Money thanks to the Fifth Pillar of the Final CDD Rule Under the Bank Secrecy Act (BSA), the Financial Crimes Enforcement Network (FinCEN) issued a “Fifth Pillar” of the Final Customer Due Diligence (CDD) Rule

  • Foodman CPAs & Advisors

IRS is Looking more like a “Self-Serve” Financial Provider while still Targeting Collections

June 2017

Since 2011, IRS has undergone $900 million in budget cuts and has reduced its number of auditors by approximately 25%.  Nonetheless, IRS has its eye on the “collections” ball.  The Agency has recently benefited from Congressional approval of more efficient

  • JD Supra

Is IRS really knocking at your door?

May 2017

Generally, IRS sends a letter or a notice via regular mail notifying a Taxpayer of a potential visit.  Nonetheless, IRS may also show up unannounced at the Taxpayer’s home or place of business.    IRS wants Taxpayers to understand the reasons

  • JD Supra

Employee Business Expenses must be Ordinary and Necessary

April 2017

Employees may be able to deduct their work related expenses as an itemized deduction.  These expenses must be unreimbursed expenses that are ordinary and necessary to their work as an employee.  According to IRS, an ordinary expense is one that

  • JD Supra

Is your Tax Preparer qualified to do your Return? Beware of Tax Preparers without a Preparer Tax Identification Number (PTIN) or Not Listed on the IRS Directory

March 2017

Do you think that you have hired the right Tax Preparer to prepare your Taxes?  Tax Season is here and many Tax Preparers portray themselves as “Qualified”.  Tax Preparers have different levels of skills, education and expertise and Taxpayers ought

  • JD Supra

Tax Preparation is NOT a Commodity

March 2017

As we approach this year’s tax filing deadline of April 18th, do you think that you have your Tax Return under control?  Before you answer yes, take the time to examine and evaluate who is preparing your taxes.  Do they

  • JD Supra

IRS will not Quit

March 2017

Voluntary compliance is the foundation of our US tax system. Taxpayers determine the correct amount of their tax and complete appropriate returns, rather than the Government determine their tax for them. According to the Internal Revenue Code (the law of

  • JD Supra